OPEC announces data on oil production in Azerbaijan

Oil&Gas Materials 25 June 2015 14:05 (UTC +04:00)

Baku, Azerbaijan, June 25
By Elena Kosolapova- Trend:

In Azerbaijan oil production hit 793,100 barrels per day in 2014 compared to 814,700 barrels per day in 2013 (2.6 percent decrease), OPEC said in its Annual Statistical Bulletin.

Azerbaijan's proven oil reserves remained at the level of 7 billion barrels, said the report.
Active rigs number in the country increased by 3 to 17, while the refinery capacity remained at 399,000 barrels per day.

Azerbaijan's refinery throughput increased from 129,200 barrels per day to 131,800 barrels per day (2 percent increase), according to the OPEC.

Output of refined petroleum products increased from 122,100 barrels per day in 2013 to 125,000 barrels per day in 2014 (2.3 percent increase).

The main volume of oil produced in Azerbaijan falls on the Azeri-Chirag-Guneshli block of offshore fields. Light Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API) is produced at this area.

The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.
The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

In the first quarter of 2015, British BP and partners have produced 8 million metric tons (59 million barrels) of oil on the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields, which is similar to the rate in January-March 2014.
Edited by S.I.

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